Chicago Sues State Comptroller over Pension Intercepts
City funds have been diverted to local pensions over alleged unpaid contributions.
Regulation
Hospital Retirees Sue Newark Archdiocese for $2.7 Million in Lost Benefits
Suit claims Archdiocese hid IRS ruling that revoked ERISA protection.
FCA Bans, Fines Directors over £1 Million for Bad Pension Advice
Regulator said ‘reckless behavior’ led over 2,000 customers to invest $98.5 million in risky assets.
TPR Fines McDonald’s Franchisee Trustee for Breach of Pension Law
Fine of £104,000 largest ever handed out to trustee by UK regulator.
The SEC’s Newest Proposals Would Make Private Equity a Bit Easier on the Eyes
New rules would make the PE arena a lot more navigable, welcoming, and lucrative.
Arizona Public Safety Execs to Recoup Lost $170,000 in Bonuses
Money, to be awarded for 2013 performance, had been delayed due to controversy.
US to Return $196 Million Stolen from Malaysian State Fund
Recovery just a small portion of the $4.5 billion siphoned from 1MDB investment fund.
Treasury Approves Benefits Reduction for Pennsylvania Pension
Pension said it will become insolvent in 10 years without benefits cut.
Court Reinstates Two Claims Against UPenn in Pension Suit
Penn is accused of breaching its fiduciary duty by accepting high fees, poor investments.
CEO Resigns from £17 Billion UK Pension
Susan Martin steps down from LPP as Chris Rule named interim replacement.
Some Police in Connecticut May Revert to DB Plan
Departures due to discontent over a town’s DC plan are mirrored elsewhere.
SEC Charges Incarcerated Man for Reviving Broadway Ticket Scam
Joseph Meli was charged with a crime he is already serving time for in prison.
California Settles with Morgan Stanley over Financial Crisis Losses
Recession-era mortgage-backed securities deals creates $150 million settlement for CalPERS, CalSTRS.
SEC Charges Hedge Fund Manager with Misappropriation of $700K
Eric Lyons is accused of using ill-gotten funds to pay for luxury expenses for his family.
Texas Teachers Closer to Getting a Boost from State
New legislation seeks to shore up fund, give one-time check to retirees.